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Fully-funded WesternZagros has "a lot of exciting news coming," says Simon Hatfield

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Additional Information
Market: TSX-V
Sector: Oil & Gas Exploration & Production
EPIC: WZR
Latest Price: 0.80  (-6.98% Descending)
52-week High: 1.55
52-week Low: 0.77
Market Cap: 380.10M
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WesternZagros Resources
www.westernzagros.com

WesternZagros Resources Limited (WesternZagros) is an international oil and gas company. The Company is engaged in acquiring properties and exploring for, development of and producing crude oil and natural gas in Iraq.

WesternZagros Resources' Kurdamir-1 well in Iraq yields high test rates

8th Nov 2010, 7:56 pm
WesternZagros Resources' Kurdamir-1 well in Iraq yields high test rates

WesternZagros Resources (TSX-V:WZR) said Monday it has completed the first "cased hole" test of the Lower Oligocene formation in the Kurdamir-1 exploration well in Iraq, achieving a maximum flow rate of 18.3 million cubic feet per day of gas.

The tested zone, which was between 2,365 metres and 2,415 metres, achieved the flow rate at a wellhead pressure of 1,960 pounds per square inch, with a maximum yield of 86 barrels of high quality, 62 degrees API natural gas liquids per million cubic feet of gas.

"We are pleased by the high flow rates and rich condensate yield achieved from this test. It further confirms the world class nature of the Oligocene reservoir which can exhibit high test rates even from its lower quality zones," said CEO Simon Hatfield.

The company said that no formation water was recovered during the testing. However, a mixture of light crude oil and condensate was found prior to acidizing the formation. WesternZagros said that after acidizing the well, high gas flow rates and pressures prevented further oil flow.

The company is planning on performing an additional cased hole test deeper in the Lower Oligocene to confirm the thickness of the oil leg below the gas and condensate.

"We're also very encouraged by the oil recovered, as it confirms the potential of an Oligocene oil leg in the Kurdamir structure," Hatfield added.

WesternZagros' third quarter results are expected on November 18, 2010, when further details on the operation will be provided.

The Calgary-based company, whose share were up more than 3% on Monday, explores, develops and produces crude oil and natural gas in Iraq. It holds a production-sharing contract with the Kurdistan Regional Government.

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